Property / Loan Information
Property TypeIndustrial Building
Lien Position2nd TD
Loan Amount$375,000
ARV Appraised Value$3.4Mil
OccupOwner Occ.
Lender Rate10.00%
CLTV on Appraised Value49.48%
Loan TypeBusiness Purpose Cash-Out
AmortizationInterest Only Due in 24 mos.
Guaranteed Int.6 months

 

 

 

Loan Scenario:

Self-employed borrowers looking for a business purpose 2nd TD cash-out to complete construction on the subject property. Property is a 3-story, 1-unit warehouse and residential living space comprising of 6,013 s.f. located in the upscale area of downtown Los Angeles Arts District. The 1st floor has been converted into a beverage bar with live music performance stage and full service bar. The 2nd and 3rd floors are designed for art studio and joint living/working spaces, which are currently being renovated. Mortgage Vintage, Inc. was able to fund this hard money loan in Los Angeles within 3 business days from receiving the signed Term Sheet.